The ECB and the Interbank Market

Abstract

NOTE: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Acknowledgements This paper was prepared for the Bank of England conference ‘Quantitative easing and other unconventional monetary policies ’ held in London on 18 November 2011. Thanks are due to our discussants, Hashem Pesaran and Michael Wickens, to the conference participants and many current and former colleagues at the ECB for helpful comments. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the ECB or the Eurosystem or Goldman Sachs.

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